LiteVault is a web wallet for Litecoin. Users can send, receive, and store Litecoin without having to download a copy of the Litecoin blockchain. Although users give up control of their private keys, the data is encrypted before it reaches LiteVault's servers meaning that LiteVault will not see the keys. The cryptocurrency support is limited only to Litecoin and there are also no fiat currencies supported. In the scope of wallets, it has limited functionality with many wallets supporting numerous cryptocurrencies and numerous fiat currencies.
In terms of security, when users log in to LiteVault their browser sends the information to LiteVault's servers and an encrypted version of the user's wallet is returned which is decrypted by the user's browser. The browser decrypts this information using the user's password which is never sent to the server. The wallet is not hierarchical deterministic and does not have multi-signature functionality. The code for LiteVault is open source meaning that its level of security can be assessed. Users can also enable two-factor authentication to add an extra layer of security. Litevault has been noted to be easy to use. The wallet was developed by pseudonymous developer Someguy123. The wallet has no key advantages over competitor wallets. The best selling point for the wallet is the encryption it applies on users data.
- User data is encrypted meaning that LiteVault don’t have access to the users private key
- Allows users to send, receive, and store Litecoin
- Users can set up the wallet without having to download a full copy of the Litecoin blockchain
- The code is open source
- Users can enable two-factor authentication
- The wallet is only for Litecoin
- No fiat currencies supported
- Limited functionality
- Does not have multi-signature functionality
- Not hierarchical deterministic